Your employees are the lifeblood of your business. It’s impossible to reach your goals without a strong staff on hand. If you don’t have enough people to cover all essential tasks, you can’t deliver the experience that your customers are expecting.
Before hiring anyone new, determine if you have enough staff to handle the current workload. Assess progress and productivity and note where efficiency could be improved. See if there’s a way to redistribute the workload without overwhelming anybody. If this isn’t possible, it’s time to start looking for additional employees.
Hiring even one new person means allotting money for salary, benefits, insurance and taxes as well as any new equipment or supplies that are needed. Listing open positions in local publications or online often incurs a fee, and the time you spend interviewing may affect cash flow.
Whether you hire top-of-the-line talent right off the bat or choose to employ people with less experience and train them along the way also influences how much you’ll spend during their initial years at the company.
The salary range you offer new employees should take into account the local cost of living and the level of competence that individual will bring to the business. Someone with the right amount of training who can boost profits or bring you toward your goals more quickly should have higher starting pay than someone you’ll have to spend months training.
Take long-term changes such as inflation, the potential for raises and fluctuations in the market when budgeting for new hires.
If the onset cost of hiring a new employee to help grow your business is stopping you from taking the plunge it’s time to consider a Working Capital Loan. This type of loan empowers small business owners to make decisions that help their company’s grow. It’s perfect for those who want to buy inventory in bulk, open a new location, start a renovation project or hire new employees.
Once you’ve brought the right employee on board, it’s time to familiarize them with company policies and procedures. Employees need to understand:
• Basic safety protocols
• Rules regarding harassment, digital monitoring and data security
• How to use equipment or software necessary for their jobs
• Customer service policies
• What the company’s culture, visions and goals are
Depending on your business, it may also be necessary to offer on-going training to teach or reinforce important skills. Start slow to avoid overwhelming new hires, and schedule regular meetings to discuss progress as well as any concerns they may have.
When you find the right employees for your business and train them well, the whole company benefits. You should see increased productivity and an improved customer experience that will drive growth and allow you to meet or exceed projected milestones.
If you would like to learn more about how a Working Capital Loan can help you hire new employees or start big projects for your small business contact us today!